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The cryptocurrency markets are fraught with traps, making it essential for investors to proceed with caution. Volatility and cyber attacks aside, scammers are particularly active in this arena. One of the recent major incidents occurred within the Solana ecosystem. Does $328 trillion sound absurd? Here are the details of the incident.
Solana Meme Coin
Honeypot might sound enticing, but getting involved is like eating a chili pepper with 2 million Scoville units. In this scam, you end up buying assets that you cannot transfer or sell. Victims keep seeing the price rise as they cannot sell or transfer their purchased assets, eventually reaching ridiculously high values.
A Solana-based meme coin with just over a thousand victims managed to inflate its market value to an absurd $328 trillion after accumulating so many victims.
Issuing tokens in the Solana ecosystem is relatively easy, and the large community size contributes to frequent occurrences of such issues. Recent reports indicate that up to 50% of the tokens launched on the network at times are fraudulent.
Honeypot Memecoin
This meme coin was launched on April 29 and started under the name BONKKILLER. The name was cool, and killer tokens were popular in the meme space, attracting many investors hoping to turn a small investment into a large return. They invested without realizing the possibility of ending up with nothing.
The altcoin reached a trading volume of $4.6 million, with 90% of the supply held at the scammer’s address. Unfortunately, when investors who bought the memecoin tried to transfer their tokens, they realized the freeze authority was enabled. Solana-focused news platform SolanaFloor reported:
“BONKKILLER is a scam and honeypot token, surpassing a $100 trillion market value following developer actions to freeze accounts and prevent token sales.”
Of course, the peak market value of $328 trillion is not realistic. According to Worldometer, $328 trillion is 3.28 times more than the entire global gross domestic product of $100 trillion.
